Dollar Bank announced that it is reducing fees and eliminating non-sufficient funds (NSF) fees by introducing Overdraft Defense.
In late January, Dollar Bank will reduce overdraft fees and eliminate NSF fees (the fee that is charged when an item is not paid) for all consumer accounts. Overdraft Defense will provide customers the flexibility and transparency to effectively manage their accounts. It is Dollar Bank’s commitment to shield customers from fees, secure and shelter their accounts from added costs, and simplify the ability to find out account balances.
Latest Fintech News: Bectran Updates User Experience Design to Help Credit Managers Save Time and Work More Efficiently
With Overdraft Defense customers will benefit from:
- Elimination of non-sufficient funds (NSF) fees.
- Reduce the daily overdraft fee cap from five to four.
- Eliminate the annual fee associated with overdraft protection from a savings account.
- Eliminate the per item transfer fee associated with overdraft protection from a savings account.
- Reduce the continuous overdraft fee from a maximum of $99 per occurrence to $25.
“We know overdraft and NSF fees are burdensome for our customers and these modifications are in response to listening and adapting to their needs in this changing economic environment,” said Jim McQuade, President and CEO of Dollar Bank. “The introduction of Overdraft Defense provides our customers the security and flexibility to manage their accounts.”
Latest Fintech News: Pasaca Capital and Honeywell Back Telesair with $22 Million Series A Round
Overdraft Defense fee structure will apply to all retail customers when it launches in late January. Dollar Bank also offers Bank On Certified No Overdraft Checking accounts that won’t let transactions bring funds below the available balance. Customers not currently enrolled in Overdraft protection from a savings account can find out more information by visiting dollar.bank/OverdraftDefense or by visiting their local branch location to enroll.
“These changes will have tremendous benefits for customers. As a community bank, it’s critical we keep working to make sure the banking system is adaptive, inclusive, and fair for everyone.” said McQuade.
Latest Fintech News: Day Air Credit Union Launches Sync1 Systems LOS With Great Success
[To share your insights with us, please write to sghosh@martechseries.com]
